16 Jul 2009 15:23
GCM Resources plc
(AIM:GCM) 16 th July 2009
GCM Resources plc - Conditional Share Scheme
The Board of GCM Resources plc has today given approval for the conditional allotment of 1,130,000 shares to Directors, employees, consultants and associates of GCM or their nominees.
These shares will be allotted and issued on the achievement of certain milestones, including approval by the Government of Bangladesh of the Scheme of Development for the Phulbari Coal Project.
The shares are conditionally allotted as follows:
| Number of shares | |
| Steve Bywater | 400,000 |
| Graham Taggart | 140,000 |
| Gerard Holden | 100,000 |
| Stephen Dattels | 100,000 |
| William McIntosh | 80,000 |
| Total allotted to directors | 820,000 |
| Employees, consultants and associates | 310,000 |
| 1,130,000 |
For directors and employees, the allotment and issue of shares is conditional on their continued engagement by GCM, one year after Scheme of Development approval, unless GCM is subject to a change in control. These conditional allotments are consistent with the Board's authority which was approved by shareholders at the Company's last AGM.
For further information contact:
GCM Resources plc: Pelham Public Relations:
Steve Bywater Charles Vivian
Chief Executive Ph: +44 (0)20 7337 1538
Ph: +44 (0)20 7 290 1630 Email: charles.vivian@pelhampr.com
Graham Taggart Klara Kaczmarek
Finance Director Ph: ++44 (0) 20 7337 1524
Ph: +44 (0)20 7 290 1630 Email: klara.kaczmarek@pelhampr.com
JPMorgan Cazenove
Nominated Adviser
Michael Wentworth-Stanley
Mark Hankinson
+44 (0) 20 7588 2828
GCM Resources (GCM)